Elevenia

About Elevenia

Elevenia was an Indonesian e-commerce marketplace established as a joint venture, PT XL Planet, between Indonesian mobile operator PT XL Axiata and the South Korean online services company SK Planet. The venture was formed in 2013, with the marketplace officially launching in March 2014, backed by an initial investment of over USD 36.6 million. The platform was led by CEO James Lee, who brought his experience as the former CEO of SK Planet's successful Korean marketplace, 11street.

The company operated as an open marketplace, connecting a wide range of sellers with consumers without holding its own inventory. Its business model was commission-based, taking a percentage from every transaction facilitated on the platform, a distinct approach at a time when many local competitors offered free listings. In exchange, Elevenia provided sellers with enhanced services, including marketing support, seller education workshops, and professional photography studios. The platform offered a diverse array of products across categories such as fashion, electronics, gadgets, and home goods, and also featured daily deals and e-coupons to attract customers.

Elevenia demonstrated significant early growth, reporting one million users and a total transaction value of 250 billion Rupiah (approximately USD 19.45 million) in its first year. The founding partners continued to invest heavily, with total funding reaching USD 110 million by early 2016 to fuel marketing, platform development, and talent acquisition. Despite this growth, the highly competitive Indonesian e-commerce market proved challenging. In 2017, both XL Axiata and SK Planet divested their stakes, selling the company to the Salim Group. Under new ownership, Elevenia continued to operate but ultimately could not sustain itself against larger, well-funded competitors. After nearly a decade in operation, Elevenia officially ceased all services on December 1, 2022.